Key Highlights
- Ethereum is eyeing a key upside break above the $4,000 resistance zone.
- ETH price is facing hurdles near a contracting triangle with resistance near $3,950 on the daily chart.
- Bitcoin price started a decent increase above $98,000 after a short-term downside correction.
- Gold prices extended gains and traded above the $2,700 zone.
Ethereum Technical Analysis
Ethereum started a fresh increase above $3,620 alongside Bitcoin. The bulls were able to pump ETH above the $2,650 and $2,720 resistance levels.
Looking at the daily chart, the price remained well above the 100-day simple moving average (red) and the 200-day simple moving average (green). There was a move above the 50% Fib retracement level of the downward move from the $4,092 swing high to the $3,475 low.
The price is now approaching a couple of key barriers. Immediate resistance is near a contracting triangle with resistance near $3,950 on the daily chart.
The triangle resistance is close to the 76.4% Fib retracement level of the downward move from the $4,092 swing high to the $3,475 low. The next major resistance is near the $4,000 level. A daily close above the $4,000 resistance zone could start another steady increase.
In the stated case, the price may perhaps rise toward the $4,200 level. The next stop for the bulls may perhaps be to a new all-time high.
On the downside, Ethereum might find support near the $3,580 level. The next major support is $3,500, below which the price could slide toward $3,475. Any more losses might call for a move toward the $3,200 level.
Looking at Bitcoin, there was a steady increase above the $98,000 level, and the price might continue to rise toward the $104,000 level.
Economic Releases
- US Initial Jobless Claims – Forecast 220K, versus 224K previous.
- US Producer Price Index for Nov 2024 (MoM) – Forecast +0.2%, versus +0.2% previous.
- US Producer Price Index for Nov 2024 (YoY) – Forecast +3.2%, versus +3.1% previous.
